I'm looking to know if Garfield Heights is a good location for investors investing in rental properties and also if you know of any other location that are good with great rental income let me know
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Garfield Heights, Maple Heights and Warrensville Heights are each very good markets for SFRs. I know an investor that owns quite a few homes in teach of those cities that were purchased in 2008-09 that he rents for $950/mo. These were thoroughly rehabbed and are not indicative of the prevailing market, but show where rents can go on a nice property.
Another colleague of mine is a PM in those areas. His out-of-state clients typically buy homes for $40-50K, put in very minimal rehab (<$5K) and rent out for about $850/mo.
Be aware, you won't see much home price appreciation in these markets. They are lower-income areas w/ poor schools, but that's not to say they're not good rental markets. In the near-to-mid term, these markets are unlikely to recovery like some of the stronger rental markets on the east side of the city.
Your best bet at selling these units will be to the renter themselves or in a large portfolio, like @Marc Ramsay is looking to do.
If you need any help, feel free to reach out.
oops @Marc Ramsay
Garfield is a very strong rental market.
Yes, @Zoran M. is correct in his summary of Garfield Heights and Maple Heights. Both are great rental markets with lots of opportunities for good returns especially if you can acquire a property inexpensively ($20K to $30K) and spend $10K to $15K on a rehab and end up with a great rental property. I wouldn't be looking to flip properties in those areas, but buy and hold is great, or creating turn-key properties for other investors could also be a good opportunity. As Zoran mentioned, a good option, which has worked well for another investor I know, is selling the properties off as lease-options to the renters.
I am marketing a portfolio of 21 fully rehabbed properties in Garfield Heights and Maple Heights for another investor. There is a posting under the Marketplace if you are interested.
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